Signal Awarded TARZAN CLASS

Signal International, L.L.C. signed a contract with LeTourneau, Inc. to build a TARZAN CLASS jackup drill rig. LeTourneau is procuring the rig, the fourth TARZAN CLASS rig built for Rowan Companies, Inc., its parent corporation. Under the terms of the contract, LeTourneau will provide a license to Signal International and furnish the engineering and component kit for the elevating system, including, 445’ leg length. LeTourneau Ellis Williams Company, Inc., also a subsidiary of Rowan Companies Inc., will provide the drilling equipment package. Dick Marler, President and CEO of Signal, said the TARZAN CLASS rig will be built at Signal’s Texas facility in Orange, Texas. Delivery will be third quarter 2007.

Marler further stated, “The LeTourneau contract opens the door to establish Signal as a US alternative to foreign designed rigs and building programs.” He added, “Signal has significant resources in both its Mississippi and Texas facilities to offer both new build jackups and semi submersibles with competitive pricing and schedules.” Signal International, LLC. is a leading marine and fabrication company headquartered in Pascagoula, MS that currently employees over 1,300 workers in its two production facilities in Mississippi and four in Texas. Entering 2006, Signal has a sales backlog of over $200 million, and is offering long-term employment opportunities at all Signal locations.